Zynga Inc. (NASDAQ: ZNGA) is a company where shareholders already have very little no control. Call it no control to be precise. Now the company’s CEO is just that much stronger to do as he wishes due to a key resignation.
Zynga issued an SEC filing after the close on Wednesday noting, “On August 8, 2012, John Schappert, Chief Operating Officer and Director of Zynga Inc. resigned from his positions as an officer and a director of the Company, effective immediately… Mr. Schappert’s resignation from the Board was not tendered in connection with any disagreement with the Company on any matter relating to the Company’s operations, policies or practices… The Company further noted that Mr. Schappert leaves as a friend of the Company and it wishes him all the best.”
Zynga closed down another 2% at $2.95 on the day and shares were down 0.6% at $2.93 after the close.
Zynga was one of the featured companies where shareholders have no power – at all.
JON C. OGG